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Us 16, New York 9, S&p 8, Detroit 8, Egypt 7, Lauren 7, Dennis 6, Hp Moonshot 6, Peter Barnes 6, U.s. 6, Obama 6, Janet Yellen 5, America 5, Ashley 5, Sandy 4, Google 4, Charles Payne 4, Underarm 4, Axiron 4, Phil Flynn 4,
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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    August 19, 2013
    1:00 - 3:01pm EDT  

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on the agenda. we are looking to the coastline. hurricane season. so far, off to a slow start. ahead, the forecast in the financial fallout. dennis: gas prices driving ahead of the holiday. time for stocks now as we do every day at this time. let's head to the floor of the new york stock exchange. lauren simonetti. >> you said it. the ten year yield is now 2.893%. we have markets that are mixed. the dow did, within 40 points. we can get there. we can fall between the key bench part.
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we have not seen a four-day losing streak for the bluetooth chip. they got an upgrade from piper jaffray. a nice 2.5% gain from intel. back to you. lori: many thanks as always. september is the worst performing month. with just days to go, my next guest says they should take that pattern with a grain of salt. why are you not as concerned? we know this is historically one of the weakest times for the stock market. >> that is right. that is usually the case.
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obviously, some kind of hedging is always appropriate. if you look at the last four years, september has actually been an up month in three of those years. i would be a bit more worried if investor sentiment was more bullish going into this month. of course, the market had a lot of short-term momentum. it still has very positive long-term momentum. this pullback follows a breakout by the s&p 500. we generally should be having pullbacks as buying opportunities, in my opinion.
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>> we already have an oversold rating. that number has got an higher than that. it is occurring with the s&p 500 testing some support on it. it would a great level to see and hold some stabilization. it would help generate what we call oversold by signals. really get some confirmation that it is time to get back into the market. >> i know you are a technical analyst. can it go to fundamental? we are seeing yields back up.
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it has really taken the wind out of sales of all kinds of stocks. how would you characterize these stocks? >> i would generally stay away from the interest rate set yours. that includes the utilities, the telecom stocks and the consumer staples, in general. as a whole, they are poised to underperform. i think that this move is real. as we break above, i think that is a significant rake out. it targets 3.75 of my work over the long term. in general, the long-term downtrend in interest rates is
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still very much persistent. lori: hank you for joining us. appreciate your analysis. dennis: jpmorgan is the biggest loser on the dow at the moment. "new york times" reporting that the bank hired the sun of a former chinese regulator. they asked why they even care. they hope to raise it up to $100 million. greenbacks looking to take advantage of that. today, the final day for organizations to file objections to detroit's bankruptcy filings. they must find that the city is
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insolvent and has negotiated in good place with creditors. if detroit is deemed eligible, it will be the biggest case in u.s. history. lori: in the meantime, president obama getting back to business. meeting with financial regulators about implementing dodd-frank peter barnes has the very latest. peter: that is just one of the latest things he has on his plate. very busy with things like egypt and syria. the president would like to keep the focus on jobs and the economy. foreign-policy issues may not let him do that. he goes on a two were later this
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week. congress is out on its regular august recess. he has a megaphone right now and he needs to use it while he can. >> every president in their second term, lame ducks get closer every day. the president is walking a fine line of where he is in that timeline. peter: the end of the fiscal year is september 30. they have not worked out a deal to fund the government. they are looking at a continuing resolution of some kind that will buy more time. the debt ceiling is likely to be
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hit around october and november. have been reporting on this. he is looking at larry summers, his former economic advisor, as well as janet yellen. lori: funny you mention that. thank you, sir. charlie gasparino will join us to talk about what he is hearing about the replacement. is there a direct connection? dennis: i will take the hit on that. what to do when your company stock quadruples at nine months. why not tell more of. how it is already putting that money to work. lori: the buzz over the new old iphone. dennis: gas prices fading
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ask your doctor about e only underarm low t treatment, axiron. dennis: relief at the pump. the national average is down $0.18 a gallon from this time last year. our next guest says the west coast is set to benefit the most. this seems like justice. those in california normally have more expensive. >> yes. absolutely. the price got up to five dollars a gallon by columbus day. we have an easier track to go through this year.
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i think it is the first market to signal a little bit of a low. we will probably see gasoline prices out in california go to 350, 75 range. we have some prices below that on gas buddy right now. dennis: for every dollar cheaper at the gas pump, it is extra spending money for consumers. does this the client, is it too short-lived? >> i think that it is probably too short-lived. we are producing as much crude or more crude than we had since 1989. we will continue to pump a lot more oil. they can pump a lot more when the price is 70 or $80 a barrel.
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we will see the boom continue. dennis: i hate when i see oil above $100 a barrel. how is it that prices at the pump can be cheaper than you were year ago if that price per barrel is higher than it was a year ago? >> it seems counterintuitive. we were in some markets, there was a brief period for refineries where they were able to get as much as $40 over the price of crude. we are going for more traditional numbers.
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gasoline, if they could. make we will have the whole process go back again next year in the spring. in the meantime, i think we will see some of the lowest prices we have seen. dennis: all right, tom, thank you for being with us. appreciate it. lori: i am surrounded by brilliant man. now that i am done kissing up, let check the stock exchange. >> i was going to say, where is my complement? zillow down more than 5%. two piece of news on this stock.
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it is down substantially. also, it is a monday. the other stock, trulia, also move down sharply. on a downgrade today. back to you. dennis: think you, lauren. it is time to make some money with charles payne. charles: .sock was unstoppable for a while. the company is obviously a lot more complicated than that. they have these rooms with a lot of service.
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they provide cloud services. they needed it really bad. the stock bounced. research and development is up 60%. they tried to sell. enough with the rockers are ready. that is what sort of has been hurting them they do not get the benefit of the dow. maybe the street is overlooking the fact that they are building a great company.
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>> will these companies be susceptible? charles: i worry about the company having to spend more money on sales. >> in the last report, they had 96,000 servers. they are not a little itty bitty player. dennis: thank you very much, charles payne. lori: egypt on edge. more than 25 people die in the region. we will have a live report.
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>> 22 minutes past the hour. i am lauren green with your fox news minute. more than 1200 firefighters are on the scene of a fire that has already spread to 126,000 acres. the butler did it. bringing and $25,000. jim carrey's big-budget superhero film. in 1967 ferrari hitting a new record. it sold for a cool $27 million at our auction over the weekend.
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those are your news headlines on the fox business network. back to dennis. dennis: thank you. for the latest, let's go to we went to is live in jerusalem for us. >> he is sitting there in his jail cell. i dow he is packing his bags just yet. the timing seems to be a little off. they would have to approve this. unlikely that they will use their political capital. meantime, the army seems to be winning the hearts and minds of
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egyptians. we saw a number of arrests overnight for curfew violations and also rounding up a lot of the muslim brotherhood leadership. survey, the violence in the brotherhood has really shocked and angered a lot of egyptians. gunmen from the brotherhood took refuge. police and the army and right here had to storm that mosque. it was the police who were being cheered. they have attacked a number of police stations. the muslim brotherhood may have been overplaying their political hand. back to you.
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dennis: thank you very much, leland. speed seven it is strategic location. fox business contributor phil flynn is in the trading pits of the cme for us. >> that is a question that we get all the time. it is about the suez canal. it is about the pipeline. it is a big deal. right now, the traders are saying we got through the weekend. things are heating up over there. we are seeing prices start to fade. maybe it is not all about you. remember last week, and lots of traders were worried about the
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weather. they were worried about libya. it looked like the market had priced in that possibility. you can tell that very clearly because our path is leading the way down. right now, we are looking at that market as well. on top of that, we have a selloff of natural gas. kind of a rebound. lori: energy markets are less susceptible to energy risk? >> i think you hit the nail on the head. if this would've happened five or six years ago, we could have been talking ten or $20 a barrel on this kind of violence in the
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middle east. we are buffered to a certain extent from the risk in the middle east. lori: for now, phil flynn, always a pleasure. thank you, sir. >> thank you. dennis: not going to miss the boat again. lori: all quiet on ocean. it is a quiet start to hurricane season. a busy september storm season. we will be right back. ♪ right now, 7 years of music is being streamed.
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lori: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange with our own lauren simonetti. stocks are fading midway through the trading day. >> fading and nine points off session lows for the dow industrials of the nasdaq still only major average in the green right now. we're worried about the health. consumer. saks put out disappointing numbers. we're seeing a gain for dollar general. this is the low income consumer. this stock is up 3 1/2%. this is one of the best performing stocks today. they got an upgrade from jpmorgan. that is significant, when dollar general ipo'd back in 2009 at the new york stock exchange, jpmorgan has kept that stock at a neutral this entire time. now they're giving it a buy as well as a 64 doll price target. lori? lori: thank you, lauren. dennis: zero, that is how many hurricanes there have been so far this season.
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even still the noaa says we're still on track for six to nine hurricanes to strike before the hurricane ends in november. accuweather bernie raino with a "halftime report" on hurricane season. what are we looking at? >> even though the hurricane season is six months in length it's not a long race. more like a 40-yard dash with usain bolt because by the time we get into late august, through sent, you notice, number about hurricanes or storms, here are the months, there is a big up take in hurricane frequency, late august in sent. we normally have one hurricane by august 10th. so we are running behind. the reason that we've seen that is that typically for hurricanes to form you need the right pattern for august and sent and we typically see high pressure in the central atlantic and waves of low pressure come along the southern flank of that high
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pressure system and that's when we get most of our storms, late august into sent september but with we've seen this year the high pressure system is a little further to the east. so we've seen lots of saharan dust across the atlantic. and we have that right now. you notice there is really not much of anything. this is a tropical wave. it doesn't have chance of developing because of dry area and rest of the caribbean is relatively quiet right now. it seems unlikely that we'll get that many storms than what we had in 2012. it will be relatively quiet for the next seven days or so but it is going to be an active september. when you add everything up, 16 storms and about six to seven hurricanes, still above normal. dennis back to you. dennis: fears of climate change and sun spots be damned. thank you, act cue weather's bernie ramo. >> thank you. lori: no hurricanes this season but we're certainly not out of the woods yet. my next guest says it only takes one. joining me with how weather
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plays an important role in the economy is planalytics. give me a sense what kind of economic impact that has had, not having any storm related damage. >> we have not had hurricanes yet. we had named storms. we have five named storms this season. bernie explained it very well. there is lot of activity out there and pulses that might happen. when a tropical storm gets in the news people basically remember last year and they remember sandy. when people start talking about and thinking about hurricanes they start to shop. that's where the economic impact comes in, right. they start to prepare for storms. they start thinking about preparing for storms. when they're out shopping they lean more toward the diy, home depot, loews of the world than they do other areas, food and things like that. >> overall we're happy there are no storms, right? there is the fallacy says if you break windows you create more
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economic development really is not true. no damage is far better than having to repair and spend money on damage? >> that is absolutely right. the numbers bear that out. the diy firms, they have half jokingly say the best thing is a near miss. we want the economic activity associated with preparing for a storm but we do not want the storm damage. that far outweighs any economic impact or economic increase, excuse me, associated with that glazer effect as you say. lori: what about a day-to-day weather? for example, it has been a little chillier the last couple of weeks. i felt like i got to dot fall back to school shopping. does that play a factor? >> that is exactly right. lori, you're not alone. a lot of people very back to school, particularly the morning temperatures. our research tell us morning temperatures to tell us think about getting back to school the morning temperature gets particularly low, it was 66 in atlanta on saturday. that is the high temperature.
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that is awfully chilly. that gets people thinking about fall and back to school and opening their wallets and purses accordingly. spending money back to school. retailers should experience a great back to school in the eastern third of the u.s. out west the opposite is true. it is very warm. there's lot of heat out there, scott, every time there is a nasty spate of tornadoes that go through i hear environmental activists come out say, by golly this is because of global warming and climate change. when there is absence of hurricanes i don't hear the other side saying see, there is no climate change going on. why is that? why does no one take that and run with it if. >> that's more after psychological question i think than a weather question, right? what is certainly true we've seen again a rather low activity for severe weather, tornadoes things of that nature, have certainly fallen off a bit. that's what we focus on. but there is the economic impact of people preparing for them.
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when they don't come, people relax and i think that's okay. lori: do you think that the diyers, do it yourselves will benefit more or less, to your point, scott, hurricane sandy is still fresh in our mind. people probably overstocked last year and hopefully go through everything. dennis: jugs of water. lori: right, right. >> absolutely. lori: do you get fortunate and miss a storm that, there you go. >> i don't know that anyone was overprepared for sandy last year. lori: that is not what i'm suggesting. >> sorry. lori: people close, but not right in the storm's path. >> no, but you're exactly right. people remember sandy even if they weren't in that region. certainly saw it on the news. there will be a lot of prep ahead of hurricane storm. we call it the law of recently. they remember sandy last year and remember how horrific it was. even if as soon as possibility of a threat people will rush out and prepare. i think that is the appropriate act as well.
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you want to be prepared for a significant hurricane of course. so when you start to hear about it on the news and talk about hurricanes, people start to spend their money accordingly. lori: scott bernhart, thank you. dennis: the law of reecy. that is why investors missed out the law of recently. they're -- resendsy. they're busy remembering the meltdown. charlie gasparino is not on the short list but he will talk about who is and unintended consequences of it. lori: let's talk interest rates. been all the news. look at the 10-year handle pushing at 2.89%. the treasury fell off -- paper debate. we're back after this. ♪ every day we're working to be an even better company -
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i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you get your bounce? [ woman ] time for change! brief.melissa francis with your shares of edwards group are sharply higher after the british firm agreed to be acquired by swedish engineering company, at lass copco. that is 24% premium to edwards closing price on friday. saks report ad wider than expected second-quarter loss after disappointing sales of shoes and handbags forced the luxury retailtory mark down prices. saks lost 10 cents a share on adjusted basis. that is two cents more than expected.
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revenue of $707.8 million, also missed the estimate. sirius xm subscribers will hear live major league baseball games. the lodge awaited deal could boost revenue for the satellite radio company. that is latest from the fox business network, giving you the power to prosper.
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lori: there is the dow, fading down 42 points. with interest rates rise, that is top of our next seg mane. according to fox business senior correspondent the next fed chair is already having an impact on fed treasury rates. hey, charlie. >> we should point out it is not chosen yet. but odds-on-favorite on wall street is larry summers.
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look at bond yields. this is tell you why they feel. they feel he will start tapering fast. lori: 2.89 exactly. new two-year high today. >> that is amazing. >> 75% gain in the 10-year yield since last may. >> five basis points on 10-year. lori: that drifted. yields backed up close to 2.90%. >> what do we have on 30-year? lori: the long bond i don't have off the top of my head. >> i think it is up the same amount. markets think larry summers is more independent. for the short term, markets would like janet yellen. lori: wow, amazing. almost 4% handle. >> based on traders i'm talking to. ceos of wall street firms, market backup, the likelihood somebody will get picked. we should point out two people essentially in the running.
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summers and janet yellen. we should point out obama if he had his druthers would like geithner. tim geithner the former treasury secretary. without geithner looks like the number two guy, next in line would be summers. i initially thought it would be yellen. everybody thought yellen. lori: would be easier senate confirmation. >> a dove. full i am employment that side of the fed's mandate but the markets kind of liked her. they like someone that will keep printing money. she is very liberal like obama. that was the initial point. something interesting happened. the wall street establishment kicked into gear. there were lots of people on it. v, you name it, anybody that served in government and wall street and vice versa what a nice guy larry summers was and somehow his name got pushed to top of the list. lori: except for bette midler in the famous tweet. >> and a lot of democratic senators. the appointment will be easier,
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remember she needs to be confirmed by senate, will be easier if yellen. will the senate back door the president on this? no way. lori: summers he was very much behind of deregulation of financial institutions. >> absolutely. >> the president back from vacation reinitiating getting dodd-frank implemented but doesn't seem like their philosophies are different from each other. >> great point. larry summers led for some massive, deregulation, it was done with republicans and robert reuben. treasury secretary. assistant treasury secretary. and took ruben's job when he left and went to citigroup. the people in the clinton administration led to deregulation, that obama right now is reimplementing. we should point out this. the fed is now a regulator. so larry summers will implement some of the reforms, quote, unquote, regulations that obama put in that were overriding his deregulation. it is odd but you know listen.
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he's a smart guy. larry summers is one of the smartest guys when it comes to economics. >> president of harvard university. >> wall street establishment is pushing him. the other big story the wall street establishment is still pretty powerful. so matter how much they call him fat cats they put him on the top of the list. betting early on was janet yellen would get the nod. no one has it yet. i could hear it is summers to screw up. maybe they find a comment about women not knowing how to do open market operations as well as men. that is possibility with larry summers. lori: bottom line, you believe, or you're hearing from your sources that one of the reasons yields have spiked so dramatically because rare larry summers who might be the president's favorite might have -- >> less after dove than yellen. lori: we characterize him as a hawk? will he take the foot off the gas, hike rates? >> it's a guess.
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particularly the bond market. if you wonder why the yields are backed up this is the summers effect. we should point out peter barnes went out last week and first to report that summers is the odds-on-favorite. other places chimed in but this is a market story of the these bond yields are spiking. that's a spike. you know, that is like today, right? we're talking, that is pretty amazing. that's a spike. lori: when you have the stock market down and bond market down, usually they work against each other. >> that is the spike. that is the summers effect. markets are inhaling and taking in the fact that larry summers is likely, likely, not talking about definite. president's choice. i'm sure there will be some pressure on him. likely to start tapering more, quote, unquote more independent. this is all a guess. i'm telling you it is happening. >> fed minutes, jackson hole. big economist meeting. >> who is going to jackson hole? lori: from our shop? wasn't me. was it you. >> plum assignment. lori: peter barnes, peter
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barnes. >> he will go on vacation. lori: you will stay with me, charlie, how does that sound. >> okay. lori: charlie, gas, thank you. dennis: as we do every day at this time, every 15 minutes. let's check the markets with lauren simonetti. it is kind of a depressing monday, lauren. >> it is, dennis. the dow is touching lows as we speak the nasdaq is losing some of its strength. up half of 1% from its session. it is coming down a little bit. believe it or not the dow industrials have gone 158 sessions without a four-day losing streak. that is in jeopardy of breaking right now. we could have the first down day in four, for the dow as well as for the s&p 500. so that is what we're looking at. volume of course is low. alan valdez was telling me, if you take out the holidays, this particular week is the slowest trading week of the year historically. so that's what we're looking at. the number of decliners to advancers is actually about 3-1 now. dennis: talk about google's special anniversary.
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tell us about that. >> nine years ago today, google ipo'd. $85 a share. we'll show awe chart. $869 right now. that's a move of about 900% in the past nine years. so google is one of the tech stocks showing some strength today, dennis. dennis: up tenfold in nine years. you know what? that is capitalism, baby. optimism monetized. thanks for being with us, lauren. >> sure. lori: i can remember that day. lauren's post at new york stock exchange. dennis: did a dutch auction and supposed to do democratic price and it soared on the open anyway. lori: we thought $89 was mind blowing. dennis: for every facebook there's a google. this guy may have created iphone but he barely made a ding at the box office, the jobs biopic with ashton kutcher a total dud. lori: will it be about champagne wishes and caviar dreams and
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dennis: steve jobs would have fired these film-makers. the new biopic, "jobs" based on early days of apple and preipod struggles of co-founder steve jobs was insanely mediocre at the box office last weaken, taking in less than $7 million despite wide release in 2300 theaters and ranking a distant 7th. despite jobs doubleganger, ashton kutcher promoted heavily to 15 million twitter followers. based on the best-selling
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biography by walter isaacson may fare better. biopic dominated box office, lee daniels "the butler." taking top spot with $25 million. kind after "forrest gump" meets west wing. the weinstein brothers lost rights to the simple name, "the butler," to a short film in the 1900s. that may drummed up good buzz for the film. lori: could the new iphone branching out from its black and white options to gold, according to report from techcrunch. this is the first time apple expanded iphone collars to iphone 3. gold currently one of more popular adjustments for iphones and more people buy phone cases. it is believed it will be much like the old gold ipod mini. you have a very cool take. dennis: i just remember apple's darkest days, came out with computers in new bright colors instead of coming out with great
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tools that could do great things. i thought it was a bad sign. i hope it is not a bad sign. lori: defaulting to aesthetics than to actual technology. dennis: to build a little buzz. lori: dow is off 27 points. off the worst levels. we're still in a weak market ongoing. as we head into the last two hours of trading. how can you protect your money? bmo bank cio jack ablin is next with nicole petallides and ashley webster, don't miss it. [ male announcer ] imagine this cute blob is metamucil.
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nicole: welcome back, everybody, i'm nicole petallides. ashley: i'm ashley webster. stocks are trying and so far failing to bounce back after their worst week of the year. the dow, down 28 points, moving closer to that 15,000 mark. big money manager jack ablin tells us how he is playing this market right now.
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nicole: president obama is back from vacation tackling financial regulation on day one in the oval office. it is just the beginning of yet another push on the economy. all details are coming up. ashley: retirement savings in america. a new study said many are putting away us and others are giving up simply saving for the future at all. we'll dig into scary numbers coming up. first, top of the hour. time for the stocks. go straight to lauren simonetti on new york stock exchange. lauren, stocks edging lower. >> exactly, hi, nicole, hi ashley. it is a day when the consumer and rates are in focus. the 10-year popping to a two-year high. a lot of consumer stocks saying that is affecting major averages. dow down 27 points. nasdaq up about 11 and s&p down four points right now. some analysts coming out and talking about some. discount retailers. you can look at ross stores and dollar general are moving to the
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upside on upgrades at morgan stanley and jpmorgan respectively but saks reported earnings this morning. this is the luxury market. they had to discount in order to move product, particularly shoes and their handbags. as you can see saks is a loser, down .1 of 1%. back to you. ashley: lauren, thank you very much. the fed taper could be just four 1/2 weeks away. joining us with his take where the market will move until september 18th and beyond, is bmo private bank chief investment officer, jack ablin. thanks for joining us. is this just a small market pullback what we've seen or is this beginning of so much talked about correction? >> well i think it is somewhere between a small market pullback and a correction. i think if you look back over 2013 so far i, we feel that the markets sort of unat the time herred it -- untethered itself from fundamental values mid-march, somewhere between
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there or mid-march and april and fueled by quantitative easing, which was probably a smart move. but now that it appears some of this quantitative easing is coming off the table we'll likely, you know, seeing some of this pullback. in our view that if, kwan quantity were completely off the table, and we just had to rely on earnings and revenues, we would be looking at an s&p of around 1550 to 1670. not 1660, wherever it is today. >> that is interesting. how should an investor play this? we have this meeting of the fomc in see. whether they start tapering and how much, you could argue is already baked into these prices although anytime you mention the word taper it goes violently up and down but how as an investor should i play this? >> i think if you're already in the market, the pullback that we see, the safety net, so to speak, is not so far away that it is worth taking money off the
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table and trying to get cute. if you're a long enough term investor. on the other hand if you have cash on the sidelines and looking to put money to works, it certainly wouldn't hurt to drag your feet a little bit. i think there will be better values, especially when we get a little more clarity from the fed, you know, next month sometime to see what is tapering, perhaps, is there a schedule what are they looking at? i think that could be a good ingredient, perhaps get to a point where we could finally put some money in. ashley: you like, finance, health care and emerging markets and international developed stocks, is that right? >> yes. and i could take them one by one but finance, largely because the fed is in the process of steepening the yield curve. in other words making the yield differential between overnight interest rates and intermediate term, 10 to 30-year interest rates, much higher and what that's going to do, hopefully at least in their minds, it will
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coax a lot of banks to lend a lot of money, this quantitative easing money is sitting on bank balance sheets. by increasing that spread, it will wide the net interest margin for banks an make them more profitable. >> right. >> that's why we like that. emerging market is just dam cheap even after the pullback in growth, they're going to grow at roughly double the rate of developed. so i think long enough, if you have a long enough horizon probably a good entry point there. developed international, never really rallied along with the s&p. we think that, yes, the currencies there could weaken a little bit but if you invest in those markets, particularly if you can find a fund or an etf that hedges the currency there is probably not a bad place to be over the next year. ashley: right. you say one of the red flags for this market is the spread of all the chaos and violence in egypt. you really believe that could be a market shaker depending on
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what happens? >> well it's a wildcard, ashley. the problem, we have our forecasts. we can lay out whatever we can lay out but if the violence and the chaos spins out of control, you know all bets are off. that is why, generally we don't like commodities. we're certainly underweighted but we'll not sell them completely largely because it's a hedge in the event that many solve this violence really, really escalates. ashley: one very quick last point, you like structured notes or equity-linked bonds. why do you like those quickly, jack? >> well in certain markets where you have a modest, you know, optimism you think it would go up a little bit but you're not sure. it's a great way to double the return over short periods of time. it is very interesting and they're all different but certainly a good way to do it and perhaps protect your downside at the same time. ashley: equity-linked bonds, good stuff.
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jack ablin, as always thank you so much. we appreciate. >> thank you. nicole: president obama is due to meet in minutes with ben bernanke and other top financial regulators to talk the strength of the financial system. peter barnes is at the white house with the latest on this. peter? >> that's right, nicole. the president will meet with a gaggle of financial regulators, eight of them to be exact including federal reserve chairman ben bernanke as well as the head of the securities & exchange commission, the head of the cftc, the comptroller of the currency and others. this is his first big meeting at the white house since getting back from his vacation in martha's vineyard last night. and the white house says he is doing this to convey a sense of urgency on all these regulators and capitalize on the momentum they developed relating to all the rules stemming from the dodd-frank financial reform approved by congress three years ago. this is coming up on the fifth year anniversary of the financial crisis. the president doesn't want to
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let this moment go to waste. take a listen. >> there is no question large financial institutions including investment firms and banks on wall street wield significant influence over the political process in washington, d.c. that is the benefit of having independent regulators who can make their own determinations about the rules and regulations that should be put in place. >> the president comes back with a very full agenda for the rest of the summer and for the fall including budget battles here in washington, increase in the debt ceiling, the fight over that that will come later this year, and of course finding a successor to fed chairman bernanke. as we've been reporting the two front-runners are the president's former economic advisor, larry summers, and the current vice-chair of the federal reserve, janet yellen. guys, back to you. nicole: thanks, peter. seems to be a sense of urgency on all those fronts. peter barnes, thank you very much. ashley: very true. oil prices pulling back a little bit despite folding unrest in
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egypt but still trading near $107 a barrel. even though egypt itself is not an oil producer. its strategic location is key for supply routes. fox business phil flynn, price futures group in the pits of the cme. phil, we've seen this before. not so much oil being produced but oil passing through the region. >> yeah, they can keep their oil. it is the transportation that is very critical. you get oil from saudi arabia and other countries go through the canal. you have the sumed pipeline that acts as an alternative during times of crisis in the middle east. both of those are a threat. seems like the focus has gone away from the threat to the supply side and possibly the demand side. as bond yields rise we're seeing oil starting to fall. crude is down 32. rbob gasoline futures down $1.62. heating oil is rebounding after
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going a bit lower. that could be because of seasonal demand expectations in latin america. we also have another big market that today really turned around. that is natural gas. natural gas under a lot of pressure recently has rebounded. we're getting a nice pop back up. that is up 9.3%. that could be because of warm weather. a lot of stuff going on in the energy complex today and concerns about demand instead of supply route now. back to you. ashley: great stuff as always. phil flynn at the cme thank you. nicole: thanks, phil. two tech giants making moves in the opposite direction. that is next. ashley: general legal bills that could cost the bank big money straight ahead. we heard from phil flynn, oil moving slightly lower as bond yields rise, off about 33 cents at $107 a barrel. let's look at metals for you as well, all moving lower, gold off 5.80. silver and copper also moving
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slightly lower. we'll be right back. ♪ right now, 7 years of music is being streamed.
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payne. charles is looking at a major player in the 3d printing business. he may show you a little prop. >> start with the prop. can you guys see this? this was made on the set of varney last thursday from scratch from zip. ashley: started with a piece of plastic. >> started with a piece of plastic, layers of plastic. ashley: yeah, yeah. >> look at this rook. it's a castle. look at bricks on the outside. on the inside there is a spiral staircase. ashley: that ask amazeing. >> details are amazing. nicole: as you see the rook, i actually heard someone produce ad gun, right? >> yes. nicole: this is made out of plastic from 3d printing. you first i thought it was paper but this is plastic. here it is. >> wood, plastic, paper. the materials, bio -- i mean that was on the set. how cool is that? so anyway, i know, nicole, i do 3d printing.
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tracy and i talked about this all the time. we talked about the ears. i did stratasys. ashley: i remember it well. >> right before earnings it popped. i'm out. i am kind of sad. ashley: took your money and ran? >> the stock is exploding today. i still love this space and i will do the stocks on any sort of dips but this is ddd. 3d, another stock i mentioned on the network many times. i recommended to subscribers. i'm starting to like stratasys a little more. even know they're cool much, came on the network, i like ssys better on dips. ashley: even at is 06 bucks a share. >> that is just it, i'm glad you brought that up, in september of 2011 it was only $18. it is up 1,000%. i would not buy it over $100. say broad market selloff and everything goes down and goes to the low 90s i will lick my chops. nicole: this is basically a
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great tip from charles payne. watch the stock, on that pull back that is your time to call the broker to say i'm in. >> i was already fascinated to it stuff, but have them make the stuff on the set, it really us did. this is real tangible stuff and let your imagination go. 3d, stratasys, they're both plays. put it on your list. ashley: by end of the year we'll have a complete chess set. nicole: you made a great call. took money off the table. bulls make money, bears make money, pigs get slaughtered. that is good to take profit. thanks, charles payne. >> nice to see you by the way in studio. ashley: don't be sad. you got a rook out of it. it is quarter past the hour. time to check these markets. lauren zimmmerman on the floor of the nyse. lauren you're watching some of the tech movers. >> we had analyst calls and moving stocks. talk about intel to start. second best performer on s&p
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500. it is up today. that is good news. it has been down this month, 4%. down over the past 52 weeks by 16%. piper jaffray boosting the stock to neutral. on the flipside, we have blackberry shares also moving perhaps in the other direction. jeffries cut their price target to $15 from 18 on this stock. so this is a loser down 1 1/2%. also a loser year-to-date, down 13%. this is what they're saying about blackberry that is pretty key, sales of phones in canada, the q-10 and q-5 are not doing as well. that is why jeffries cut its shipment estimates for the new phones. canada is -- ashley: that's right, certainly is. not bad, eh? lauren, we'll check back with you at bottom of the hour. terrible attempt at a canadian accent. nicole: that was good, ashley. wild swings on oil on new unrest in egypt. we'll look at oil's next move
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that is coming up. ashley: we'll see how the u.s. dollar is moving with the markets edging lower. euro and pound moving higher against u.s. dollar. the pound is up to 1.56. as expensive to go to london as it is to paris. the canadian dollar, the loon any, losing money to the yen. we'll be right back. my mantra?
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>> at went r 20 one minutes past the hour i'm lauren green in your fox news minute. a wildfire threatening to destroy more than 10,000 homes in the sun valley area. more than 2100 firefighters are on the scene of a fire that has spread to 26,000-acres and displaced residents out of more than 2200 homes. violence in egypt leaving more than nine hundred people dead since the fighting started four days ago. among them 25 egyptian police officers who were executed by militants in the sinai region. a egyptian judicial official are ordering the release of former president hosni mubarak from jail. he has been in jail since 2011, and currently awaiting tried for his role during the killing of protesters during the arab spring uprising. those are the headlines on the fox business network. back to nicole and ashley.
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nicole: lauren green. thank you so much for that report. we appreciate it. the turmoil in egypt and libya driving the action in the oil market with both wti and brent crude up more than 2% this month. will rising tensions in those regions push prices higher? we have the energy futures director of mizuho securities. we're happy you're here with us. bob, you had the entire career since you graduated college following energy. what is the number one, i want to hit two areas. talk about areas in libya with tightening and egypt and how that may affect numbers and i want to talk about how it is related to our numbers here at home with equities and such? >> there is egyptian pressure putting upward pressure on the market. that is definitely a risk premium. you have barrels off the market in the libyan situation which is security forces at some export facilities. they have gone on strike. those barrels have been taken off the market.
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so you do have, those barrels are not able to be exported through those areas. those barrels are coming off the market. nicole: right. >> so we do have upward pressure as a result of that. nicole: let's talk about numbers. when we talk about oil, what do you foresee? today there was a little bit of rest. we pulled back a little bit. what do you foresee going forward here? we mentioned libia. we talked about the tightening of supply and home to suez canal and mediterranean pipeline which carries four 1/2 million barrels of oil from the red sea. obviously that is a big story but where do you see oil going? >> well, we've just come off six up days in a row. nicole: right. >> we may break the streak today. i still think there is up side pressure. i think it would be very risky to be a seller into this political pressure. it is interesting to note this is only the fourth time we had a
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sustained drive above $100 in the wti in the u.s. barrel. we have previously, we've been up to 109 during this 2013 drive. we made it to, to $110 in 2012. nicole: right. >> we were up to $114 in 2011, and the all-time record was 147 in 2008. i think we see that 2010 -- i'm sorry. 110 to $114 area. nicole: that is better than $147. we remember all of these numbers well because we, you know have been following this. how does this translate into gasoline prices papers? >> well, the gasoline price relative to the barrel has actually traded lower. as barrels leave storage in cushing, that is the delivery point for nymex crude oil they have been able to get to the gulf. the price, called the crack spread. nicole: right. >> the crack spread as storage loosened up the crack spread has
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tended to trade lower. right now you get $16 per barrel of gasoline. that price was well into the 20. >> so that part is okay. when you spend a lot of time doing a lot of homework and you were telling me that you travel regularly to houston to, calgary. what are you finding most recently? >> well there is a, there's an excitement about the new developments in the energy markets. it's, the oil sands in canada, the shale situation here in the states. the development of rail lines to move crude oil. the development of new pipeline to move crude oil. the potential for export facilities for natural gas. there is all these new avenues that are opening up that brings opportunity. nicole: i love how you're excited. we love guests that get excited about whatever they're speaking of. i was so passionate. i was looking at apache, they have exposure to libya and now may be affected and one of the analysts made a call on apache.
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do you have particular stocks and oil invests you like more than others quickly. >> not really. my forte is the futures market. i will look at etfs. several different etfs every morning as a function what is going on in the futures market. nicole: right. >> many etfs are getting leaned on rather hard today. as in the futures market. i believe this is a temporary pullback that we'll test the highs. nicole: bob, of mizuho, we appreciate you coming on. we had the big guy, the president of your firm. he was a great guest as well. obviously talking a lot about investing in japan. thanks a lot, bob, we appreciate your insight. ashley: jpmorgan shares under pressure as the bank's legal woes are rising. "the new york times" is investigating whether the sec is investigating whether the jpmorgan gave jobs to children of chinese officials in order to win business. that plus other regulatory probes could force jpmorgan to
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absorb $6.8 billion in future legal losses. this in addition to the billions it already shelled out in the "london whale" probe and others, the payout put jpmorgan on track for a place, bank of america by the way is the financial firm with the biggest legal bills. that is not a list you want to be on top of. but it does appear they are in the cross-hairs of a lot of investigations. nicole: when we talk about the financials, obviously they're under so much pressure and scrutiny. many times it is right thing to do. ashley: it is. i wonder how many companies who do business in china end up hiring of officials there they're dealing with. i wonder. nicole: we were talking about that earlier this morning. if you were a private company that hired somebody may be a great worker over somebody else and you have a business and want the business to do well, ultimately seeps like a great idea, doesn't it? ashley: also the culture of chinese culture is a little different. anyway that is under investigation. nicole: apple shares enjoying a
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nice bounce since carl icahn tweeted his love for the stock but big money hedge funds have been dumping apple. liz: son the story. ashley: as we head for the break look at some of today's winners and losers on the s&p. we'll be right back. [ male announcer ] how do you get your boue?
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♪ tracy: well, take a look at the dow 30. the majority of stocks are well into the red. intel, johnson and johnson leading the way. doing well today. and have great. over the weekend saying acceleration for one of the
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chips. tablets and iphones. that skid news. giving them a nice boost queen down there today. lauren at the new york stock exchange. but you checking and right now? >> investors are reluctant to make big bets. the federal reserve on wednesday some large cap stocks like intel and some others driving the nasdaq, but a son tech is also moving. pandora is one of those buried it in new annual high today, $21.81. 2155 is your level. raising the price target on the stock by $5 to $25 per share. basically saying that pandora's internet radio will be used by more automobile companies and automobile in the near future. also the one year on this chart, the stock up 160 percent of the pastor two weeks. tracy: cool stuff.
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thank you. ashley: welcome of the bond market is on the move with the benchmark treasury yield sitting near 2-year highs and extending last week's gains. the question is how can investors hedge themselves against the risk of the rising rates. joining us now, head of fixed-income strategy. thank you for joining us. i mean, is a spike testified and how can we protect ourselves if we are in the bond market? >> well, if you're looking where interest rates are right now, the treasury market the tenure, basically back where we were two years ago really when we were in the middle of the beginning of the qe program. really pushing interest rates down. market is exiting, the fed is stepping back. tapir is expected to start principal and now expecting that interest rates will rise back to a more normal level that does not include the insolence of the fed. in terms of what investors are doing, we are generally seeing people move into shorter
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duration shorter maturity less interest-rate sensitive parts of the market. a lot of short maturity corporate bonds. csj, and etf. a investing in short corporates. those are bonds that provide income, less impacted by rising interest rates. ashley: as we see, the union is challenging the bankruptcy in detroit that, whether it is constitutional or not to, what about the municipal bond field. is still an opportunity? does not seem as though the reaction for detroit has been that extreme. in fact, it has just been somewhat negligent or at least very little fallout from the detroit situation. >> most investors in the market viewed detroit as a 1-off. very unique circumstances. to your point there will be a likely protracted debate or legal battle about what they have to pay back the law will end up happening see the general
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obligation bondholders. at think if you look at the market more generally that news has weighed on the market along with higher interest rates. they have not done very well of recent fight. they may be challenged over the next couple of weeks due to seasonal. september is never a good month historically. coming out of that we feel like investors will come back. it is a place where you can still get yield. you generally have high quality investment. it still plays a very strong role in the muslim portfolio. ashley: an investor who is looking for yield that does not want that exposed to much risks to the increasing interest rates, what is my best ploy? >> it depends upon how you think about fixed-income in your portfolio. we have a lot of investors who have felt traditional, cork, fixed-income portfolios and things like ag, index fund. i still think jerk going to see investors use funds like that because it will provide income and diversified you against risky actors like equity. to your question you want to be
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more tactical, you're seeing people go into shorter duration bonds, places where you can still pick up deals.orter invese corporate bond is a place we still see investors go and provides attractive yield to risk characteristics. and municipal is a little beaten down right now. maybe a good place to be down the road. it's the combination. ashley: this seems to me, the next set of the federal reserve has also helped to spike these ten year yields because of his desire to begin tapering sooner than later. would you agree? >> i think the general view out there right now is that sommers is viewed as being a more hawkish. essentially you might be a little more aggressive. on the other hand, more inside the current camp with bernanke and the rest of the folks to look forward. so i think we will have to wait and see what happens, but these people should not underestimate the potential change in
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sentiment and a change in philosophy that may happen on the board once we move into the new appointment and have a new head of the fed board. ashley: very good. matt tucker a black rock. thank you for joining us. we appreciate it. tracy: breaking news. crude snapping. ashley: closing down, a slight move lower finishing the day at $107.10 per barrel. tracy: more and more of the top names on wall street dumping and slashing positions in apple for the second straight quarter. elizabeth macdonald has the names of big guns leading the trend. >> bears are out in force in the second quarter. what is really interesting, you have been reporting this. apple has been on of wild ride, rocket ship ride up and down this year losing and then regaining 120 billion in market cap since january 11th. so that is amazing. broke down below 400 in may and in june. so when you see the year to date
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chart, it looks like and the cagey for heart attack patient. what is happening on wall street , let's look. you will see ubs, janice capital management, also fidelity unloading shares in apple. also chase and susquehanna. let's take a look. apple continues to be -- institutional investors favored holding perry began as a manager hundred million are more. but the manufacturers of the way down to ing. should be worth noting that these guys are also doing hedging. ubs sold 7 million shares, but they also bought the right or call to purchase nearly 6 million shares on the open market. ashley: is this a statement on tim cook? >> that's a good question. think it's a statement of what apple do to show that the growth market is protected. and also, what will push the stock up by $500, you know, i
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share? is it a new gadget? what will apple do to break through that threshold? tracy: when we saw it break below 400, 700, that was a really big deal because people were buying. you were hearing target 7,000. people got in at 600 thought there were the lucky ones. then pretty frustrated. tracy: a quick question. is that deal with china mobile, will that be enough to permanently pushed apple above $500? tracy: that certainly sounds like good exposure. i read something else, some of the insiders are reporting that apple may unveil an unexpected new television product later in the fall. so is that something different, new? and still waiting for the watch. >> one final point. the moves here in the second quarter, a little bit bearish. basically buying puts against their position in apple. tracy: i love your in-depth
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reporting. >> thank you so much. ashley: thanks. elgin zero america about to launch. does it need them? and dennis is on that story next tracy: troubling new signs. to many americans are not saving enough for retirement. those details ahead. first the tin and 30-year treasury. [ male announcer ] imagine this cute blob is metamucil.
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>> reporter: i'm lori rothman which 31 brief. gearing up to go public. the reality brokerage firm is filing plans to raise up to $100 million. they have not reached -- determine the timing price a number of shares. coming plans to list itself and the detector rmax. speaking of real estate, zillow down more than 5%. the company says it will buy real-estate websites in a deal that will boost the presence in the new york city market. also announcing an offering of about 5 million shares. today is the deadline for creditors to file legal objections to the detroit bankruptcy filing. among the groups coming forward, detroit municipal employee in which says the city's petition pilots the constitution. that's the latest from the fox business network, giving you the power prosper.
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♪ ashley: well, aljazeera, taking the wraps off its new u.s. news network tomorrow, but it is missing one key ingredient. dennis kneale is here to tell us what that is. >> reporter: that is for sure. that ingredient is advertisers. the new york post reporting that aljazeera will launch for that any major sponsors. quoting had been off the record saying they simply will not dare to do business with this middies tangled network. this in spite of the pedigree or maybe entirely because of a depending on how you look at things. occupying the chair and 50 million homes that have been taken up by al gore's current tv which aljazeera bought for half a billion dollars, never mind that al court decry as global warming while aljazeera is controlled by the government of catarrh.
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and they have hired a dozen journalists, the defecting from cnn. a nightly show. nbc news veteran will anchor and nightly newscast in the clock. the new york post says sponsors are avoiding them as if it were radioactive. in the mid east, aljazeera aired a videotaped messages directly from the now better off dead terrorist. the channel one staged a televised party to welcome all my terrorist released from an israeli prison, though he had murdered a 6-year-old girl. one ad exact privately telling the post, there are owned by an arab country and ran the osama bin laden tapes. i would not trust them. cable channels rely on advertisers for upwards of half of their total revenue. the other half coming from monthly fees. so far al jazeera america getting a backlash. ashley: it is interesting whether they can get a foothold
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are not, dennis. >> those who are looking for a different slant on the news, sure. the question is, how large is -- largest that audience. ashley: they have plenty of money. they will worry about sponsors. >> getting less and less all the time with the oil production. ashley: thank you very much. good point. tracy: a quarter past the hour. time for stocks as we do every 15 minutes. that's it right down to the floor of the new york stock exchange. we have had back-and-forth action and a lot going forward this week. what are you thinking? >> and thinking i can't wait for this week to be overt. >> you can't think that. think something else. >> everyone is going to look forward to the fed minutes, probably the most important item to try and get a handle on exactly what we're going to see in september. yes, i am of the school that we will see tapering in september. and that followed by the
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competition at jackson hole to see who can come out on top on replacing ben bernanke. in the meantime, open every day. i have to put on a clean shirt and come to work and try and make a go of it. right now the interesting thing seems to be the technology stocks which still seem to be an area of interest for buyers to quell the financials, particularly banking stocks continued to get trains in anticipation of the portfolio holdings or bonds whizzing value there will have to increase the fox business capital. tracy: your opinion on the fed tapering. we will be sooner than later. the thing that is the right move? >> i do. i think that the fact of the matter, you do these forensics on the tapering itself only has an impact on the actual sale of the bonds on the fed was in there buying them. as far as the impact of the economy itself. have very little effect as far as gdp impact. i think the fed realizes that.
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they're trying to tell us that it is dated driven, the fact of the matter is that is more important to the zero interest-rate policy than it is to the quantitative easing of the purchase of mortgage-backed securities. tracy: it is all good. you never know. this could be the big day. it is today you are there every moment of every day. >> trip to see a. ashley: coming up, too many americans not saving enough for retirement. we have heard this before, but the results of a disturbing new study coming up next. tracy: first, take a look at some of today's winners on the nasdaq and some of the losers as well. ♪ right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller.
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uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.
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♪ tracy: how is your savings? well, nearly five years after the financial crisis most americans remain uncomfortable with their savings, according to a new report by bank rate. they seem to be doing surprisingly little about it. in fact, only 18 percent of the adults surveyed are saving more than they did one year ago. here to discuss these results in more, the bank rate senior financial analyst. you and i were chatting about this. why is it that people are not release saving? >> are a couple of reasons. savings has always been under prioritized. that is compounded by the fact that household incomes have not gone anywhere. household expenses have continued to creep higher for people just don't have extra money lying around. that's why you have an economy that is stuck in first gear. tracy: and savings almost seems
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foreign at this point and you're just trying to make the bills, whether it is education are your automobile our home, try to think about saving seems far away. we're talking about who is not saving. it employed americans between the ages of 50 and 64 seem to be saving less than they did last year. another trouble spot, can you breakdown of it? >> this is troubling. particularly those between ages 50 and 64, not only did they have catchup contribution money, they can contribute more than those that are under age 50. they are really in the higher earning years. but this figure really shows the struggle that a lot of them are facing. many of them are still paying college tuition. have adult children and move back called on both of which can restrain their ability to save and save more. the upper middle income households, families, people with a still getting by on less income than they had a couple of years ago. somebody working part time
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instead of full-time. that kind of thing. restraining people's ability to spend and save. tracy: allow people taking jobs that were less than what they were used to work part-time rather than full-time. less talk about it. unpicking your brain because you're the expert. what percentage would be a great percentage? this when they'reend people over there will be all right. >> you have to get it to 15 percent of your income. that is a destination, not a starting point. you want the get to 10% as quick as you can work it up to 15. i run a projection that showed that somebody who never makes more than the median income their entire career but has the discipline to save 10% of their income year in and year out can accumulate more than million dollars in retirement assets. with the burden increasingly on us as individuals to provide for our own retirement, it is imperative that people need to save. tracy: when do you think we should retire? is there a bracket? how do you know it is time?
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what if i'm passionate about my work? >> is nothing wrong with that. paris when you're ready to quit the don't have the financial assets to do it. tracy: to make a good point. when you're looking at these numbers, what is the number one thing that jumps out of you as we wrap this up? >> retirement savings is a real issue. on a bright note in terms of overall financial security, people a feeling better. the sixth consecutive month unamerican said of feeling better about my overall finances now. tracy: can ultimately they spend more which boost the economy. >> let's hope. tracy: right. very optimistic and hopeful as well. thank you so much for coming in. ashley: all right. the french economic situation looking up. full employment, affordable housing, and a new industrial revolution. twelve years to get there with unemployment near 11%, the country's finance minister thinks fall upon by the year
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2025. it's a realistic goal. the prime minister does not seem to be worried about high taxes and the country's declining industrial sectors. he says, the countries that look at are the ones that succeed. tracy: 2025. right around the corner. ashley: depardieu moved to russia because of the high taxes. i'm not so sure. even 11 years ahead may be optimistic and the current system's. tracy: is nice to have a target. coming up, tesla seems to on the road when it comes to luxury electric cars. now it may have some formidable competition. well, look at tesla and how it is a little bit tolerable and whether investors should consider a new course. that and the rest of the day's market action all coming right up with our own liz claman. you know throughout history,
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liz: jpmori gain can't catch a break. the bank under investigation for allegingly trying to win business from chinese officials by hiring their children. charlie was ahead of the pact when announcing the troubles. wait until you hear what he says now. tesla thee most obvious screaming short for one single reason? the smart money thinks so, and it has nothing to do with the quality or musk's leadership, but it has to do with a single vehicle, not even on the road yet. a bull-bear debate on whether the next big electric thing could stall tesla's stock engine. can you hear me now? what happened when a hacker tries to warn facebook of a security flaw and gets no love? he hacks into the founder's account, of course, and